Safaricom’s impact on society valued at Ksh.664 billion

Safaricom Plc created value worth Ksh,664 billion for the Kenyan society in the last financial year 2020/2021.

According to the latest Safaricom’s sustainable business report, the telco contributed Ksh.557.1 billion to the economy in the period under review, representing 5.2 percent of Kenya’s total output or Gross Domestic Product (GDP). 

The independent analysis of Safaricom’s true value to society identifies the socio-economic and environmental impacts of the company and quantifies them in financial terms.

The report, which covers April 1, 2020 to March 31, 2021, shows that the telco sustained 190,273 direct and indirect jobs during the year and, if the wider effects on the economy are included, this number increases to over 1 million jobs.

The telco has vowed to keep proving solutions to society’s most pressing challenges and support to small and medium enterprises (SME) to thrive through connectivity and financial services solutions.

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Speaking during the launch of the 10th annual report, Safaricom chief executive officer Peter Ndegwa said the company would endeavor to play a key role in “driving healthcare and education inclusion as well as enabling smallholder farmers to become wealthier and commercially sustainable.”

This even as the company has been ranked as the most valuable brand in East Africa, but was positioned 15th in Africa, having fallen three places in previous ranking.

The telco brand value is estimated to be Ksh.79.1 billion (US$.716 million), and is placed first among Kenyan’s most valuable brands.

The company has recorded a 26 percent year-on-year drop in brand value.

The second most valuable Kenyan brand is Kenya Commercial Bank, which sits in 56th in the continental rating.

Equity and Cooperative bank came position three and four respectively.

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